All Forum Posts by: Curtis Lewis

@Jeffrey L.

Hi Jeffrey!

Can I be third guy that PMs you from this post. I would like to ask a couple questions about your setup as well.

Does anyone know of good property managers in the Killeen area? I am a remote investor, investing from out of state.

@Jacob Sampson

Ok so basically I would start a new loan with all of my current equity as a down payment vs the current appraised value of the home?

That makes sense. Inwas wondering what would happen if I rehabed a property amd gained a value close to or over the amount i currently owed the bank. Would they turn around and owe me money lol?

I thank you gentlemen for entertaining my novice questions.

@Joe Villeneuve

Thanks for the advice.

Let's say I buy a home for 100k with a 20k down payment. A year later that same home is now worth 150k and I have since put 10k into the principle on the loan.

Would I now have 80k in equity?

If i refinanced, would i be able to pull that 80k out?

Or if I just refinanced into another conventional loan just with a lower interest rate, would that 80k go towards the refinance or strictly what i have actually paid to the home?

Basically am I refinancing with 80k or 30k?

@Michael Doherty

So you found a person to loan you majority of the money initially and refinance that loan with an actual institution?

How does that transition work?

@Marisa R.

I think he meant you are his WCW.

@Don Konipol

What is STR?

@Aaron Nowak

Im Active Duty and I spoke with my lender about this recently. I was upfront with my intentions with the property and they informed me that As long as you have lived in the home for a certain amount of time then there are no stipulations on renting it out. But i would have to live in it first.

@Anthane C. Richie Sr.

I only have experience being a tenant!

I would be more open to paying more rent for a new fridge. As a tenant, we dont understand and sometimes dont truly care about what it takes for you to manage the property. Mainly we care about how it effects us as a tenant.

If my rent would imcrease for a reason I dont understand then I would assume you are being greedy and would be more open to finding a better place if one shows up for similar price(maybe even more than I pay you).

If you are giving me an explanation as to why you're rising the rent, then I would feel more comfortable with you because of the transparency. This will cause me to stay with you longer just because I am happy with you and feel like i can trust you.